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The concept of patents can be traced back on the what to do with an invention idea 14th century plus it doesn't has consistently evolved over time. The concept of patents was introduced to encourage innovators by awarding exclusive rights the particular improvements in technology made by these guys. In essence, a patent can be a set of exclusive rights granted with country in exchange for a public disclosure of their invention. The rights granted to a patentee, in most countries, include, ideal to exclude others from making, using, selling, importing, offering for sale or distributing the patented invention without permission of the patentee. This set of exclusive rights is granted for modest period of time, and in instances the right is limited to 20 ages.

The exclusive rights granted to a patentee have business impact, some that are listed below:

A patentee gets the freedom to enjoy monopoly the particular patented invention for 20 years

A patentee can monetize his patented invention by selling or licensing out his rights, in accessory for other methods for monetizing

Engineers and scientists can access a refreshing pool of patent information and improvise on existing technology

The business impact of patents can be used develop the competitiveness of a legitimate income opporunity. A wholesome, systematic and customized approach towards patents is necessary to make use of the power of patents to positively impact your sector.

4 fold approach for enhancing competitiveness

Build a patent fortress

Proactively safeguard your business interests

Respect others intellectual property

Intelligent procedure product and process development

Build a patent fortress

One for this approaches for improving competitiveness of a business is with product differentiators. Product differentiators are generated by developing products are generally technologically superior, has newer/better features or addresses specific needs clients. Sometimes, there perhaps may not be any changes designed the product, however, companies might differentiate themselves from competition offering products at reduced prices. This might be possible by making changes to the processes use within producing item or service. Such modifications intended to the products/processes might be patent best. Hence, when a company feels the player have made some modification that might be patent worthy, it is important to contemplate the regarding having such improvements protected by a patent.